SB229 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Neighborhood Infrastructure Authorities, municipalities, assessments for neighborhood infrastructure revitalization projects, income tax credits, expiration date deleted, Secs. 11-71-11, 11-71-12 am'd.

Description

<p class="bill_description"> Under existing law, municipalities have been authorized to create Neighborhood Infrastructure Authorities to manage, coordinate, and collect voluntary assessments from homeowners and business owners to participate in neighborhood revitalization projects. Income tax credits have been available in the amount of 10 percent of any assessments paid not to exceed $1,000 in any tax year for a period not exceeding 10 years. The provision for new credits expired December 31, 2015</p><p class="bill_description"> This bill would delete the expiration date for new credits and extend the law unless repealed by the Legislature</p><p class="bill_entitled_an_act"> To amend Sections 11-71-11 and 11-71-12 of the Code of Alabama 1975, relating to Neighborhood Infrastructure Authorities authorized to be created by municipalities for homeowners and businesses to participate in neighborhood revitalization projects; to delete the expiration date for new credits and extend the law and the tax credits authorized by the law unless repealed by the Legislature. </p>

Subjects

Neighborhood Infrastructure Authorities